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IOF: Initial proxy votes not enough to pass DEXUS bid

Investa OfficeFund, or IOF, said that based on the valid proxy votes it has receivedat or before 10 a.m., local time, on April 13, the takeover bid of DEXUSProperty Group will not be approved.

The Australian fund said in an April 15 filing that an ordinaryresolution, which involves the acquisition of all units in the fund by DEXUS, willreceive approval from the required 50% majority of IOF unit holders.

On the other hand, a special resolution that refers to the amendmentsto the constitutions of the two entities that form IOF— Armstrong Jones Office Fundand Prime Credit Property Trust— will not receive approval from the required 75%majority of IOF unit holders.

IOF noted that CromwellProperty Group, which recently acquired a 9.83% stake in the fund, votedagainst the merger. Thecompany scheduled the meeting to confirm a vote on the DEXUS offer at 10 a.m., localtime, on April 15.

The IOF-DEXUS merger proposal was announced in December 2015.